Agnico Eagle Mines (NYSE:AEM) Hits New 12-Month High – Here’s Why

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $120.89 and last traded at $120.62, with a volume of 2701225 shares changing hands. The stock had previously closed at $118.39.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on AEM shares. StockNews.com cut Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 25th. Bank of America increased their price objective on shares of Agnico Eagle Mines from $119.00 to $142.00 and gave the company a “buy” rating in a report on Tuesday, April 8th. Jefferies Financial Group boosted their target price on shares of Agnico Eagle Mines from $85.00 to $88.00 and gave the stock a “hold” rating in a report on Tuesday, January 7th. Citigroup raised their target price on shares of Agnico Eagle Mines from $100.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, March 31st. Finally, Royal Bank of Canada boosted their price target on shares of Agnico Eagle Mines from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, April 4th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $124.40.

Agnico Eagle Mines Stock Performance

The business’s fifty day moving average price is $103.37 and its two-hundred day moving average price is $90.80. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 1.86. The stock has a market capitalization of $61.19 billion, a P/E ratio of 32.16, a P/E/G ratio of 0.66 and a beta of 0.87.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings data on Thursday, February 13th. The mining company reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.44). Agnico Eagle Mines had a net margin of 22.88% and a return on equity of 10.45%. As a group, sell-side analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date was Friday, February 28th. Agnico Eagle Mines’s dividend payout ratio (DPR) is 42.33%.

Institutional Investors Weigh In On Agnico Eagle Mines

Institutional investors have recently made changes to their positions in the company. Kercheville Advisors LLC raised its position in Agnico Eagle Mines by 2.7% in the 1st quarter. Kercheville Advisors LLC now owns 117,667 shares of the mining company’s stock worth $12,756,000 after purchasing an additional 3,056 shares during the period. FNY Investment Advisers LLC raised its holdings in shares of Agnico Eagle Mines by 775.0% in the first quarter. FNY Investment Advisers LLC now owns 17,500 shares of the mining company’s stock worth $1,897,000 after buying an additional 15,500 shares during the period. Sagespring Wealth Partners LLC bought a new stake in shares of Agnico Eagle Mines during the 1st quarter worth approximately $1,589,000. Brighton Jones LLC lifted its stake in shares of Agnico Eagle Mines by 8.2% during the 1st quarter. Brighton Jones LLC now owns 3,480 shares of the mining company’s stock worth $377,000 after acquiring an additional 264 shares during the last quarter. Finally, Tcfg Wealth Management LLC boosted its holdings in Agnico Eagle Mines by 11.0% during the 1st quarter. Tcfg Wealth Management LLC now owns 17,139 shares of the mining company’s stock valued at $1,858,000 after acquiring an additional 1,701 shares during the period. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.